Quantum pens letter urging trust in advice

In the wake of the CBA advice scandal, boutique firm Quantum Financial Services has written to its clients reassuring them they can trust financial advisers.

In an open letter to his clients, Quantum Financial chief executive Bill Mackay said he is aware that the scandal - and others such as Storm Financial - may deter clients from trusting advisers, but asks that clients keep faith with his company, given its non-institutional nature.

“What has been uncovered should highlight to all consumers the importance of seeking independent advice from financial planners who are not beholden to any financial institution,” Mr Mackay said.

“We have long argued for increased professionalism and better protection of consumers in financial planning,” he said.

Mr Mackay explained that Quantum has long been involved in consultation processes with government and has held a number of strong pro-consumer stands in debates about industry reform.

“We continue to support FOFA reforms and other professional developments in financial planning,” he said.

“We stood before the joint parliamentary inquiry (‘Ripoll Inquiry’) pleading for financial planners to be given an explicit statutory fiduciary duty.”

Mr Mackay concluded the letter by affirming his intentions to keep Quantum Financial free of any ties to “financial institutions”.

“I wanted clients to know that we absolutely serve only their best interests at all times,” Mr Mackay said. “Over 20 years this decision has been vindicated time and time again.”

The letter also contains a number of testimonials from media practitioners, including a quote from an editorial in ifa sister title SMSF Adviser, as well as a range of Fairfax and News Corp Australia business writers.